Need to complete the cleaning and standardization of stock investor data before 01/10/2024.

The stock market faces numerous potential risks related to cybersecurity and data breaches. The State Securities Commission (SSC) has issued an official dispatch requiring units to clean and standardize investor data before October 1, 2024.

Official Dispatch No. 4501/UBCK-CNTT on Cleaning and Standardizing Stock Investor Data

Cyberattacks and high-tech crimes are becoming increasingly serious and beyond control. The securities sector is particularly vulnerable to cybersecurity threats. Therefore, enhancing security measures to proactively prevent and limit hackers from exploiting system vulnerabilities is extremely urgent.

According to Official Dispatch No. 4501/UBCK-CNTT, the investor data cleansing process is divided into 3 phases:

Phase 1: Before August 31, 2024

Securities companies must contact and request individual investors to authenticate and update their information using their chip-based citizen ID (CCCD). Then, they must collect and cross-check this information with the National Population Database of the Ministry of Public Security to verify its accuracy. All securities firms are required to urgently complete this process and report the results to the SSC and VSD (Vietnam Securities Depository) before August 31, 2024.

Phase 2: Before September 30, 2024

After Phase 1, securities companies must continue reviewing and cleansing data for investors who did not respond. At the same time, they must classify these investors based on specific criteria such as: no transactions since June 30, 2022 and zero account balance; no transactions since June 30, 2022 but with account balance; no contact information; confirmed as missing or deceased; and other specific criteria.

Phase 3: Before October 1, 2024

Securities companies will restrict services for investors who do not cooperate in standardizing their information but still attempt to make transactions.

Phase 4: From October 1, 2024

Securities firms will only provide online trading services to accounts that have completed information standardization and identity verification. For investors who do not cooperate, companies will require them to conduct in-person transactions at the counter and continue the data standardization process.

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